In the first 3 months of 2023, the Value & Opportunity portfolio gained +4,7% (including dividends, no taxes) against a gain of +11,3% for the Benchmark (Eurostoxx50 (25%), EuroStoxx small 200 (25%), DAX (30%), MDAX (20%), all TR indices).
Links to previous Performance reviews can be found on the Performance Page of the blog. Some other funds that I follow have performed as follows in the first 3M 2023:
Partners Fund TGV: -3,3%
Squad European Convictions +5,3%
Frankfurter Aktienfonds für Stiftungen 1,3%
Squad Aguja Special Situation +3,9%
Paladin One +4,9%
Alphastars Europe + 4,2%
I have slightly adjusted the Peer Group by eliminating Ennismore as it is actually a long/short Fund and Greiff Special situations. I have added Alphastars Europa, a quite new fund,. What I like about Alphastars is that one has an almost real time view into the portfolio. The Europa funds contains a selection of quite unusual but very interesting selection of European small caps and will be a challenging peer for me going forward.
Overall, the portfolio performance was again more or less in the middle of my peer group. As the peer group is pretty Small cap focused, the relative low returns correspond with the returns of European small cap indices. Looking at the monthly returns, it is not difficult to see that especially January was in relative terms very disappointing.